摘要
近期中国股市正在经历着持续下跌的过程,许多投资者及研究者将股市暴跌与近期"大小非"迅速减持联系起来,认为"大小非"是造成股市下跌的罪魁祸首。本文以股权分制改革的影响为背景,选取了2006年至2008年股票价格与"大小非"实际减持量的月度数据,运用实证分析方法中的协整分析法深入探讨二者之间的关系,研究发现,"大小非"减持量与股票价格并没有必然联系。初步分析股票价格下跌是由投资者的悲观预期造成的,具体由国际国内的经济环境与状况决定。
Recently China stock market is experiencing the process of price declining. Investors and researchers consider that the fact of＂ Non - size Reduction＂ leads to the stock market crash. Based on influence of Non -tradable Shares Reform, this paper selects the monthly data from 2006 to 2008 of the stock prices and ＂the size of non - ＂ reduction, and uses the empirical method to analyze relations between the two factors. The paper finds that there is no obvious relations between the stock prices and ＂ Non - size Reduction＂. The preliminary cause of stock price declining is investors＇ pessimistic anticipation and is decided by the economic environment from home and abroad.
出处
《保险职业学院学报》
2009年第3期25-27,共3页
Journal of Insurance Professional College
关键词
股票价格
“大小非”减持量
协整分析
市场预期
Stock Price
＂ Non - size Reduction＂
Cointegration Analysis
Market Anticipation
